Social and Behavioral Sciences Commons^™

Building An Equitable And Inclusive City Through Housing Policies: Singapore's Experience, S Y Phang

PHANG Sock Yong

No abstract provided.

Urban Rail Transit Ppps: Lessons From East Asian Cities, S Y Phang

PHANG Sock Yong

A General Framework For Price Regulation Of Airports, Sock Yong Phang

PHANG Sock Yong

Price cap regulation (PCR) was first implemented for privatized utilities in the UK in the 1980s. It has since been adopted by numerous countries as a regulatory regime in several sectors. This paper focuses on the development of different forms of price regulation of airports of which PCR is one variant. In countries where airport privatization is still in the early stages, the spectrum of airports and varied nature of regulatory regimes can be confusing and the lack of a general framework can itself become an obstacle to privatization. This paper proposes a general framework comprising decisions to be made …

Singapore’S Housing Policies: Responding To The Challenges Of Economic Transitions, S Y Phang

PHANG Sock Yong

Singapore has developed its own unique state-driven housing system, with more than three quarters of its housing stock built by the Housing and Development Board and homeownership financed through Central Provident Fund savings. As a result, it has one of the highest homeownership rates amongst market economies. This paper provides a historical perspective of the main housing problems faced by successive prime ministers and their respective policy responses. Under the leadership of Prime Minister Lee Kuan Yew (1959–1990), the government established an integrated landhousing supply and housing finance framework to channel much needed resources into the housing sector to deal …

Home Prices And Inequality: Singapore Versus Other 'Global Superstar Cities', S Y Phang

PHANG Sock Yong

No abstract provided.

Superstar Cities, Inequality And Housing Policy, S Y Phang

PHANG Sock Yong

Income and wealth inequality have been constantly debated, especially in recent years. Most studies, such as the recent work by Thomas Piketty, compare inequality across countries and over time. National inequality measures, however, mask considerable variations across cities within the same country. A country’s biggest and most economically dynamic cities also tend to have the largest inequality gaps. These cities – what Joseph Gyourko calls “Superstar Cities” – are also distinguished by their high housing prices. Migration in and out of cities limits the extent to which Superstar Cities can use local redistributive policies (including housing policies) to reduce inequality. …

Evaluating The Effectiveness Of Cooling Measures On Property Prices: An Exploration Of Alternative Econometric Techniques, Kuo Chuen Lee, Sock Yong Phang, Kok Fai Phoon, Karol Wee

PHANG Sock Yong

No abstract provided.

Managing Private Vehicles In Asian Cities, S Y Phang

PHANG Sock Yong

No abstract provided.

Housing Policies In Singapore: Evaluation Of Recent Proposals And Recommendations For Reform, S Y Phang, David Lee, Alan Cheong, Kok-Fai Phoon, Karol Wee

PHANG Sock Yong

No abstract provided.

Evaluating The Effectiveness Of Cooling Measures On Property Prices: An Exploration Of Alternative Econometric Techniques, Sock-Yong Phang, David Lee, Karol Wee, Kok-Fai Phoon

PHANG Sock Yong

No abstract provided.

Do Singaporeans Spend Too Much On Housing?, Sock Yong Phang

PHANG Sock Yong

According to a 2011 IMF study, Singapore's level of government intervention in housing finance is the highest in the developed world (Slide 3). This level of intervention in housing finance has correspondingly produced the highest level of homeownership amongst advanced countries. This housing outcome is the result of our very unique HDB-CPF housing framework – an institutional framework that was established in the 1960s during the formative period of our country?s history (Slides 4 and 5). Singapore was, at that particular point in time, faced with a situation of chronic housing shortage, low homeownership rates and an underdeveloped housing mortgage …

Supply Elasticity Of Housing, Kyunghwan Kim, Sock-Yong Phang, Susan Wachter

PHANG Sock Yong

The supply elasticity of housing determines how quickly house prices respond to economic shocks and this has many real economic consequences. Malpezzi and Maclennan (2001) describes its importance in housing market analysis: „most housing models, and most policy analysis hinge on explicit or implicit estimates of the price elasticity of supply of housing: does the market respond to demand side shocks with more supply or higher prices‟. However, as pointed out by Quigley (1979), there exist real analytical difficulties in modeling the supply of housing. Attempting to measure the flow of housing services provided by the stock of housing is …

Port Multipliers For Singapore: Impact On Income, Output, And Employment, Rex S. Toh, Sock-Yong Phang, Habibullah Khan

PHANG Sock Yong

This article examines the contribution of the activities of the Port of Singapore Authority (PSA), a government-owned statutory board which operates almost all of the port related activities in Singapore, to the prosperity of the entire country, by way of multiplier analysis. Input-output analysis is used to compute the income, output, and employment multipliers of port activities, broken down into direct, indirect, and induced effects. The policy implications on port investment and maritime policy follow.

An Evaluation Of Car-Ownership And Car-Usage Policies In Singapore, Sock-Yong Phang, Anthony Chin

PHANG Sock Yong

Report presented to Parliament 2 January 1990 as part of Select Committee on Land Transportation Policy. Covers the transportation policies of Singapore from 1960s to 1980s. Analysis of car ownership policies, including PARF. Analysis of car usage policies.

The Unctad Liner Code: A Dead Letter?, Sock-Yong Phang, Rex S. Toh

PHANG Sock Yong

The UNCTAD Code of conduct for Liner Conferences entered into force in 1983. The Code's cargo allocation scheme or '40-40-20 rule' aims to provide shipping lines of developing countries with a fair change to compete for the carriage of their seabourne trade. However, the Code has not been effective in meeting its stated objectives for a variety of reasons. Amongst the administrative difficulties are (i) the complications introduced by the EEC's Brussels Package, (ii) the definition of national lines, (iii) the unit of measurement for cargo allocation purposes, and (iv) the monitoring of cargo movements. The tremendous growth in non-conference …

Public Private Partnership In Urban Rail Transit: Recent International Experience, Sock-Yong Phang

PHANG Sock Yong

No abstract provided.

Port Multipliers For Singapore: Impact On Income, Output, And Employment, Rex S. Toh, Sock-Yong Phang, Habibullah Khan

PHANG Sock Yong

This article examines the contribution of the activities of the Port of Singapore Authority (PSA), a government-owned statutory board which operates almost all of the port related activities in Singapore, to the prosperity of the entire country, by way of multiplier analysis. Input-output analysis is used to compute the income, output, and employment multipliers of port activities, broken down into direct, indirect, and induced effects. The policy implications on port investment and maritime policy follow.

Hong Kong And Singapore, Sock-Yong Phang

PHANG Sock Yong

No abstract provided.

Policies To Promote Shipping Registration In Singapore, Sock-Yong Phang, R Toh

PHANG Sock Yong

No abstract provided.

Housing Markets And Urban Transportation: Economic Theory, Econometrics And Policy Analysis For Singapore, Sock-Yong Phang

PHANG Sock Yong

No abstract provided.

Book Review Of Competition Law And Policy In Singapore, By Cavinder Bull, Lim Chong Kin, Academy Publishing, Singapore, 2009, Sock-Yong Phang

PHANG Sock Yong

No abstract provided.

Tourism Growth In Singapore: An Optimal Target, Habibullah Khan, Sock-Yong Phang, Rex S. Toh

PHANG Sock Yong

No abstract provided.

Recent Developments In Singapore's Motor Vehicle Policies, Sock-Yong Phang, Mukul Asher

PHANG Sock Yong

No abstract provided.

The Singapore Model Of Housing And The Welfare State, Sock Yong Phang

PHANG Sock Yong

While Singapore is not generally regarded as a welfare state, the provision of housing welfare on a large scale has been a defining feature of its welfare system. The extensive housing system has played a useful role in raising savings and homeownership rates as well as contributing to sustained economic growth in general and development of the housing sector in particular. Few would dispute the description of Singapore’s housing policies as 'phenomenally successful' (Ramesh, 2003). Singapore’s economic growth record in the past four decades has brought it from third world to first world status (Lee, 2000), with homeownership widespread at …

Strategic Development Of Airport And Rail Infrastructure: The Case Of Singapore, Sock-Yong Phang

PHANG Sock Yong

No abstract provided.

Motor Vehicle Taxes As An Environmental Management Instrument: The Case Of Singapore, Ngee-Choon Chia, Sock-Yong Phang

PHANG Sock Yong

No abstract provided.

From Efficiency-Driven To Innovation-Driven Economic Growth: Perspectives From Singapore, Kim Song Tan, Sock-Yong Phang

PHANG Sock Yong

The Singapore economy is going through a period of major restructuring. Economic stagnation since the 1997 Asia financial crisis (except for a brief recovery in 1999) has called into question the continued relevance of many fundamental policies that had worked well in the past. In 2002, a high-level Economic Review Committee (ERC) was convened by the government to chart new directions for the economy. A common thread that ran through the committee’s various reports was a call to enhance the economy’s innovative capacity, with the aim of making Singapore an innovation hub in the region. The call reflects an increased …

Road Congestion Pricing In Singapore: 1975-2003, Sock-Yong Phang, Rex S. Toh

PHANG Sock Yong

Facing traffic congestion in the Central Business District and enormous demands on scarce land resources by the growing number of motor vehicles, Singapore, a small island city-state the size of Seattle, embarked on a bold decision to reduce road congestion by implementing the famous Area Licensing Scheme in 1975. This was a manual system of tolls for multiple entries into the Restricted Zone. While achieving the intended effect of cutting down on the volume of vehicular traffic in the Restricted Zone, the authors (and others) found that the problem of congestion had merely shifted in time and place. Many changes …

From Efficiency-Driven To Innovation-Driven Growth: Perspectives From Singapore, Sock-Yong Phang, Kim Song Tan

PHANG Sock Yong

No abstract provided.

Welfare Implications Of Hdb Policy On The Public Housing Price Gradient, Sock Yong Phang

PHANG Sock Yong

In Singapore, extensive government intervention in the housing market has resulted in much deviation from assumptions made in the simple neoclassical urban models. The monocentric model of urban structure is extended to incorporate a subsidized public housing market in which the government-determined price gradient is flatter than the private housing price gradients. The propositionthat the utility of public housing households varies inversely with residential location distance from the CBD is empirically tested by estimating net returns to public housing using resale market data. It was found that net returns decreased with distance from the CBD.